Tranquility Partners LLC Has $725,000 Holdings in Bank of America Co. (NYSE:BAC)

Tranquility Partners LLC increased its holdings in Bank of America Co. (NYSE:BAC) by 2.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,281 shares of the financial services provider’s stock after purchasing an additional 411 shares during the period. Tranquility Partners LLC’s holdings in Bank of America were worth $725,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Fairway Wealth LLC bought a new stake in shares of Bank of America during the second quarter valued at approximately $27,000. POM Investment Strategies LLC increased its stake in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new stake in Bank of America in the third quarter worth $29,000. Bbjs Financial Advisors LLC bought a new position in Bank of America during the second quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc lifted its holdings in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Barclays boosted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Oppenheimer lifted their price target on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Finally, Evercore ISI boosted their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $44.26.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 102,848,970 shares of company stock worth $4,145,103,288 in the last quarter. 0.29% of the stock is owned by corporate insiders.

Bank of America Stock Performance

Shares of BAC opened at $46.72 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.02. The company has a market cap of $358.48 billion, a price-to-earnings ratio of 16.99, a P/E/G ratio of 1.58 and a beta of 1.32. The business’s fifty day simple moving average is $41.64 and its two-hundred day simple moving average is $40.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 earnings per share. Research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America announced that its Board of Directors has authorized a share buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.